ELFI can help you find the student loans you need to pay for your education. Learn more about ELFI student loans, refinancing and how to apply today.
Education Loan Finance Overview
Higher education is a big dream for many, but with the ever-increasing tuition fee, textbooks and living expenses, these daunt a lot of aspiring students. That’s where education loan finance comes into play. Education loans fill the monetary void between available finances and overall educational expenses, freeing students to learn instead of stressing about money. ELFI (Education Loan Finance), is a student loan provider that has gained a reputation for offering competitive interest rates and exceptional customer service.
What is ELFI?
ELFI (Education Loan Finance) is the private student loan and student loan refinancing division of SouthEast Bank. Having set out to streamline the entire loan process and ease financial burdens, ELFI offers customized lending solutions for students and graduates throughout the United States. ELFI strives to create affordable and transparent lending options for undergrads, grad/law/mba students and parent borrowers alike.
Education Loans Provided by ELFI
Private Student Loans
ELFI private student loans can help you pay for educational costs that federal aid does not cover. These loans are best for students who have already taken a look at federal loan options and still need more funding.
Key Features:
- Selectable fixed and variable interest rates
- No origination fees or prepayment penalties
- 100% of the school-certified cost of attendance in loan amounts
- Released cosigner after 36 months of on-time payment
Parent Loans
ELFI also offers loans to borrowers for parents who wish to help their child with college expenses. These loans present an excellent option for federal Parent PLUS Loans, frequently with better rates.
Benefits:
- Interest Rates Lower than Federal Options
- Flexible repayment terms (5 — 15 years)
- Capable of borrowing an entire cost of attendance
Student Loan Refinancing
If you’re currently paying back student loans, ELFI also gives you the option to refinance your loans so you have one with lower interest rates.
Advantages:
- Simplified monthly payments
- Ability to Save Thousands in Interest
- Fixed or variable rate options
- Term: 5, 7, 10, 15 or 20 years
So why ELFI for Education Loan Finance?
ELFI has made a name for itself in education loan finance for a few key reasons:
Low Interest Rates
ELFI generally provides some of the lowest interest rates in the industry, making it an excellent choice for borrowers aiming to limit their overall repayment costs.
No Hidden Fees
No application, origination or prepayment fees. You will know from day one exactly what you are paying for.
Personal Loan Advisors
Every ELFI borrower is assigned a Personal Loan Advisor (PLA) who guides them through the entire loan process, a significant differentiator from most competitors.
Flexible Terms
Running from 5 to 20 year repayment terms, clients select a plan to fit their funds and lifestyles.
High Customer Satisfaction
ELFI receives highly rated reviews over its customer service, transparency, and ease of process on review websites.
Requirements for ELFI Loan Eligibility
The requirements to qualify for an ELFI student loan or refinancing are:
- Must be a U.S. citizen or permanent resident
- Minimum loan amount: $10,000
- Credit minimum: 680 (refinancing only)
- The minimum income required is $35,000/year (for refinancing)
- Degree obtained from a Title IV institution (for refinancing)
- Students without credit history or employment: Cosigners can help get you approved
How to Apply for an ELFI Loan
The application process to get a loan with these is straightforward:
Step 1: Prequalification
Confirm your eligibility and see your rate quote with no impact to your credit score.
Step 2 — Select your loan terms
Shop fixed and variable rate options, and choose your desired repayment term.
Step 3: Submit Application
Finish your application by including income verification, school details, and cosigner info, if needed.
Step 4: Loan Approval
Afterward, It works with your school (or previous lenders in the case of refinancing) to finalize the disbursement.
Are You Feeding the Beasts? 6 Tips to Manage Education Loan Finance
ELFI makes borrowing accessible, and how you manage your loan is crucial Here are a few tips:
Borrow Only What You Need
Resist the urge to take out more than what you need. Cover only necessary education-related costs
Set a Repayment Plan Early
Start budgeting for repayments and know how interest accrues, even if you’re still in school.”
Consider Refinancing
Once you are employed and have a consistent income, you may qualify to refinance your education loans through ELFI, which can lower monthly payments or decrease total interest.
Utilize Autopay Discounts
ELFI also provides a 0.25% interest rate discount for launching automatic payments, such a little adjustment which can help save you cash in the long run.
Final Thoughts
The world of education loan finance doesn’t have to be daunting. Trusted lenders such as ELFI provide students and parents with a competitive loans, professional assistance and a smoother transition while navigating the financial side of their college experience. ELFI can help you finance your education, whether you need money for tuition or want to save on interest with a refinance.
